Gold Rises on Cyprus Bailout Vote

Gold gained, silver slipped and miners were mixed

The rejection of the eurozone bailout plan by Cyprus’ parliament sent gold higher in Tuesday trading.

Under the bailout plan, Cyprus would have seized up to 10% of bank accounts belonging to private citizens in order to finance the bailout. Revelation of the controversial terms led to a wave of outrage and frantic withdrawals. The island nation is facing default, potentially disrupting the euro zone economy.

Gold futures for April delivery climbed 0.4% to $1,611.30 ounce on Tuesday, according to CME Group. Gold traded as high as $1,615 and as low as $1,599. Gold bullion closed in London at $1,614, according to BullionVault.

Silver futures for April delivery dipped 0.1% to $28.82 per ounce. Tuesday’s high for silver was $29.01, while the low was $28.67.